“The closing of the transaction marks an important milestone in TAQA’s global operations,” said Peter Barker-Homek, Chief Executive Officer of TAQA. “This transaction demonstrates our strategic objective to deliver profitable growth in new and existing markets. We remain committed to seeking out acquisitions that offer stable cash flows and compliment our existing experience and expertise.”
The joint venture with Marubeni enhances TAQA’s existing diversified energy portfolio and will act as a platform to explore multiple opportunities through long-term investment in the region.
Marubeni’s assets in the region were part-owned and operated in conjunction with local and international partners. The purchase is made under a 50/50 joint venture focused on long-term investments in the energy sector in the region.
The new joint venture portfolio consists of equity stakes in power generation and transmission facilities with a combined generation capacity of 2300MW (gross) in Jamaica, the Bahamas, Trinidad and Tobago and Curaçao, including:
- 55.4% equity interest in Grand Bahama Power Company in Grand Bahama.
- 80% equity interest in Jamaica Public Service Company in Jamaica, which owns and operates ten generating facilities, including six hydroelectric plants. These plants expand TAQA’s downstream business into this sustainable energy source.
- 39% equity interest in PowerGen, an independent power producer that supplies 80% of total electricity demand in Trinidad & Tobago
- 25.5% equity interest in Curacao Utilities Company N.V. which supplies electricity, steam and water to the Island Refinery operated by Petroleos de Venezuela, S.A. in Curacao, Netherlands Antilles
TAQA’s role is operational, with its 50% interest represented at the board level at each facility and holding key management positions.
